The maximum amount of property that a person can gift to another person during a calendar year before a gift tax is assessed and/or a gift tax return must be filed.  The amount is adjusted periodically (it is $12,000 for 2006).  There is no limit to the number of people to whom you can give this type of gift to qualify for the annual exclusion.  The gift must be one that a recipient can enjoy immediately and have full control over to qualify for the annual exclusion.
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